The US shoe retailer The Rockport Company, LLC is insolvent and is looking for a new investor.
The company has for itself and the companies CB Marathon Midco, LLC, Rockport IP Holdings, LLC, Rockport UK Holdings Ltd. and CB Footwear Services, LLC filed for Chapter 11 bankruptcy in the District of Delaware.
This is intended to review the assets and better position the brand for “future growth opportunities,” the company said on Thursday. Rockport intends to file a motion for approval of an auction and sale proceeding, subject to court approval. Rockport has already started negotiations with a potential buyer. The operation should also be continued during the procedure.
CEO resigns
Joseph Marchese of consulting firm PKF Clear Thinking has been appointed Chief Restructuring Officer and will bring his experience managing complex financial and operational restructuring to the company’s turnaround. Meanwhile, CEO Gregg Ribatt has resigned from his position.
“The immediate waiver of Chapter 11 is appropriate to allow the Company to assess the situation and develop a process that will allow maximum value for all stakeholders,” Marchese said. “Rockport has valuable assets that can be managed effectively in an organized, collaborative process.”